First National Bank & Trust Co. v. Hood

Supreme Court of North Carolina

First National Bank & Trust Co. v. Hood

204 N.C. 351

CourtSupreme Court of North Carolina

DecidedMarch 15, 1933

StatusPublished

Cited by1 cases

This text of 204 N.C. 351 (First National Bank & Trust Co. v. Hood) is published on Counsel Stack Legal Research, covering Supreme Court of North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

First National Bank & Trust Co. v. Hood, 204 N.C. 351 (N.C. 1933).

Pincite

Opinion

Brogden, J.

Eliminating scenery and background, the case is this: The Central Bank and Trust Company was trustee under a trust indenture to hold securities for the protection of a bond issue duly made by the Securities Company. Certain bonds of such issue were sold, and the purchaser paid the money to the trustee. The trustee commingled the money and appropriated the same to its own use. The facts interpreted in the light of recent cases dealing with preferences, disclose that this money had a string tied to it or an invisible legal fence about it, setting it apart from the general funds of the bank. Therefore, the judgment is affirmed upon authority of Parker v. Trust Co., 202 N. C., 230, 162 S. E., 564, and Flack v. Hood, Comr., ante, 337.

Affirmed.

Free access — add to your briefcase to read the full text and ask questions with AI

Brogden, J.

Eliminating scenery and background, the case is this: The Central Bank and Trust Company was trustee under a trust indenture to hold securities for the protection of a bond issue duly made by the Securities Company. Certain bonds of such issue were sold, and the purchaser paid the money to the trustee. The trustee commingled the money and appropriated the same to its own use. The facts interpreted in the light of recent cases dealing with preferences, disclose that this money had a string tied to it or an invisible legal fence about it, setting it apart from the general funds of the bank. Therefore, the judgment is affirmed upon authority of Parker v. Trust Co., 202 N. C., 230, 162 S. E., 564, and Flack v. Hood, Comr., ante, 337.

Affirmed.

Cite This Page — Counsel Stack

Bluebook (online)

204 N.C. 351, Counsel Stack Legal Research, https://law.counselstack.com/opinion/first-national-bank-trust-co-v-hood-nc-1933.

Opinion

Related

Cite This Page — Counsel Stack